Former JPMorgan Chase, Morgan Stanley execs fined for retaining nonpublic info and sharing it at new jobs

Civil money penalties totaling $42,500 were assessed against two former executives of JPMorgan Chase Bank, N.A., and Morgan Stanley who retained records containing nonpublic information from the Office of the Comptroller of the Currency (OCC) when they left to take new jobs at other banks, then shared the information.

Consent orders disclosed Thursday by the OCC show the following:

  • Roseann McSorley, formerly Managing Director and Chief Administrative Officer of Oversight and Controls of JPMorgan Chase Bank, N.A., was assessed a civil money penalty of $35,000 for violating a federal prohibition on disclosure of nonpublic OCC information – information she had access to in her role at the bank. (Nonpublic OCC information may relate to the OCC’s supervision, examination, and enforcement activities.) When she left the bank, she was soon employed at another and disclosed the the documents containing non-public OCC information “to one or more employees during meetings or discussions and shared them via text message,” and without written permission from the OCC. She initially denied having the information and resisted returning the documents to her former bank, but later returned them.
  • Amie Dorman, formerly Executive Director of the Global Regulatory Relations Group of MS Services Group, Inc. and later Morgan Stanley & Co. LLC (collectively, “Morgan Stanley”), was assessed a $7,500 civil money penalty for retaining and later using nonpublic OCC information at her next bank of employment. Upon her departure from Morgan Stanley in 2017, Dorman retained confidential Morgan Stanley documents, of which at least 18 contained non-public OCC information regarding one or both banks. Soon after leaving Morgan Stanley, she was employed by another financial institution, where she utilized the documents containing non-public OCC information and kept the documents unsecured in her office, “thereby disclosing them.”

The OCC on Thursday also disclosed one prohibition order, one formal agreement, and the termination of a cease-and-desist order. All were by consent order.

The prohibition bars Andreliqua Cannaday, formerly a teller of Wells Fargo Bank, N.A., Sioux Falls, S.D., from any future service in a federally insured depository institution (without prior authorization by federal regulators). The OCC said Cannaday in 2015 processed nine unauthorized over-the-counter cash withdrawals totaling $22,000 from a bank customer’s checking account and disbursed the funds to someone she knew was not an authorized user of the account. She received a $500 payout for doing so.

OCC Enforcement Actions and Terminations

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